Market Overview
Grain markets traded mixed as investors focused on an important rainfall event expected across portions of the western Corn Belt.
Corn and soybeans slipped slightly while traders waited to see how much moisture reaches the driest production areas. Wheat, meanwhile, surged overnight on renewed Black Sea tensions before giving back most of its gains during the day session.
Livestock futures continued their recovery, with cattle posting a third straight day of gains while hogs remained under pressure.
🌦️ Weather Outlook
Weather remains the primary driver for corn and soybean markets.
Forecasts continue to call for meaningful rainfall across:
Eastern Nebraska
Eastern South Dakota
Western Iowa
Southeastern North Dakota
Portions of southern Minnesota
While the expected rainfall is unlikely to completely reverse drought conditions, it could stabilize crop development in areas that have experienced increasing stress.
Forecast models also suggest temperatures will moderate temporarily before another round of heat returns after August 8.
The market appears willing to wait and evaluate this rainfall before adding additional weather premium.
🌽 Corn
Corn futures eased slightly despite supportive export demand.
Weekly export sales were viewed as solid, but traders remained focused on the upcoming rainfall event and its potential impact on yield prospects across the western Corn Belt.
Corn Futures
December Corn
Down 2 cents
$4.70
Although recent weather has reduced yield expectations in some areas, traders are waiting to determine whether this weekend’s rainfall can stabilize crop conditions before pricing in additional production losses.
🌱 Soybeans
Soybeans were modestly lower after recent weakness but received support from renewed Chinese demand.
Flash export sales confirmed China as the buyer of two soybean cargoes, rather than
